Best Cryptocurrency Wallets: Secure Your Crypto Assets in 2019

If you’re interested in buying or selling cryptocurrency, one of the first things you’ll need to do to get started is to choose a cryptocurrency wallet. Although cryptocurrency wallets don’t technically store digital currency, they do store records of your transactions on the blockchain. Instead of holding actual coins, your monetary balance changes, representing a transaction. Wallets are kept secure by means of public and private keys, which must be identical in order for a user to receive funds.

The advantage of a cryptocurrency wallet, as opposed to storing digital currency on an exchange, is that it is safer and more convenient. But different wallets offer different levels of security, so you should become familiar with the different types available.

Hardware – Hardware wallets store private keys on an external hardware device, rather than online, which offers more security.

Software – Software wallets can be installed on a desktop, online, or on a mobile phone. Software wallets are connected to the internet and as a result, are more susceptible to hacking or theft than a hardware wallet.

Paper – Paper wallets can refer to actual paper copies of your public and private keys as well as software that keeps both safe and secure. Paper wallets have a reputation of being simple to use and it being easy to transfer coins from them to a software wallet.

In this guide we’ll cover a few of the most important criteria for selecting a cryptocurrency wallet, as well as a rundown of the top 10 wallets from 2018.

Ledger Pros

As a Bitcoin wallet, Ledger Nano offers what is referred to as “cold storage,” meaning that it isn’t connected to the internet and is far less likely to be hacked than a software wallet. Simple to use and inexpensive, Ledger Nano offers multi-currency support. In addition, it offers top-notch security as the private key is stored offline – meaning that it is almost impossible to hack your Ledger Nano S wallet.

Ledger Cons

Since you need to be able to plug the Ledger Nano S in with a USB, it can be a bit inconvenient if you want to be able to get to your coins while traveling. In other words, this hardware wallet is targeted more towards users who want to store large amount of bitcoin over the long run. If you’re looking to use Bitcoin in smaller, daily transactions, an online digital wallet might be a better choice for you.

As the first Bitcoin wallet in the market, Trezor has a strong reputation for reliability, security and excellent customer support. It did suffer a security vulnerability in 2017 but it was fixed promptly by the Trezor team in a firmware update. Recently, Trezor has expanded its cryptocurrency support to Monero, Cardano, Stellar, Ripple, and Tezos, along with other altcoins.

Trezor Pros

Easy to use with a web interface, Trezor is a good choice for anyone choosing their first cryptocurrency wallet. One of the best features of Trezor is that it can be used with computers that aren’t 100% safe, that have either been hacked or infected with malware. It also features a passphrase to ensure your coins aren’t stolen even if your wallet is stolen.

Trezor Cons

Although Trezor is an ideal option for anyone wishing to store large amounts of bitcoin, it means that you must carry the hardware wallet around with you to spend the currency.

In addition, Trezor is a bit pricey compared to its competitors, although it has recently lowered its price.

MEW enables users to interact with the Ethereum blockchain and add ERC20 tokens to their wallet, enabling it to support thousands of tokens. Although it seems to be web-based and accessible via a Chrome extension, MEW does not store data via its servers, and therefore claims to be an offline wallet. In April the company was hit by a DNS attack that incurred losses for its users. Recently, MEW announced that it would launch a new mobile wallet app with hardware wallet capabilities on iOS.

MEW Pros

A free, open-source hot wallet, MEW has an intuitive interface to make it easy for new users. With MEW, users can interact directly with Ethereum while maintaining control of their private keys.

MEW Cons

If you lose your private key to this wallet, MEW cannot help you recover your coins. The wallet has also suffered several phishing and hacking attacks.

4. Jaxx Liberty

Jaxx Wallet Key Information

Logo:

Type:

Software, web and mobile

Cost:

Free

Ease of Use:

Average

Transfer Fees:

Ethereum standard fee is .000441 ETH; similar fee for Bitcoin and other cryptocurrencies

Launched in 2014, the Canadian wallet is known for its reliability and safety. Its integrated exchange allows quick conversion to and from different coins while staying within the Jaxx platform. Recently, the company announced the release of the new Jaxx Liberty, a cross-platform wallet that offers a backup phrase and password for added security.

Jaxx Pros

Easy-to-use and available on Android, iOS mobile and tablets and as an extension on Chrome and Firefox, Jaxx is a good option for those seeking an online wallet.

Jaxx Cons

As it is not an open-source wallet, Jaxx can be slow to load. It is also known to offer limited customer support. Since it is a hot wallet that is connected to the internet, it is best not to store large numbers of coins in the event of a hack.

Developed to be lightweight and efficient, Electrum today is also known as one of the most secure bitcoin wallets in the market. As an open-source wallet released in 2011, it has developers constantly adding to its source code. Recently, Electrum announced that it plans to integrate the Lightning Network into its wallet services.

Electrum Pros

Electrum integrates with any of the major hardware wallets like Trezor and Ledger Nano S. Its encryption is similar to that of a bitcoin private key, making it one of safest bitcoin wallets on the market. Since it is not tied to a specific server, it allows for better speed and no downtime.

Electrum Cons

Since Electrum is a wallet that solely supports bitcoin cryptocurrency, it is also not a good choice for those wanting to get their feet wet in the world of cryptocurrency wallets.

Keepkey Pros

KeepKey supports a wide variety of cryptocurrencies, and is constantly adding support to additional altcoins. With a reputation for its security, it is known as an HD wallet with attractive packaging.

Keepkey Cons

KeepKey doesn’t have the same reputation for reliability and security as Ledger Nano S or Trezor, although it does have a way to recover the wallet if lost or stolen without compromising its private keys. Although the price has decreased since it first came out, it is still a bigger investment than other hardware wallets.

Compared to other wallets in the marketplace, Exodus is fairly new but extremely popular. It includes a wallet, a portfolio and exchange integration. In an effort to further expand its user base, Exodus recently announced its support of EOS and a partnership with TRON.

Exodus Pros

The beautifully-designed user interface is easy-to-use and designed for beginners. As an open-source software, Exodus is free to use. Another advantage of Exodus is its built-in Shapeshift exchange which enables you to trade using a variety of different cryptocurrencies in addition to standard bitcoins. Transactions can all be done while inside the wallet, without ever having to leave for a separate exchange.

Exodus Cons

As a hot wallet, Exodus poses more of a security risk than a hardware wallet. It is also limited to use on the desktop only. If low transaction fees are a priority for use, you should use a different bitcoin wallet.

Known as one of the simplest bitcoin wallets on the market and one of the first to support bitcoin on the mobile wallet, Bread’s interface is highly intuitive and requires no registration or signup to get started. In May, it expanded its service to include support for ERC-20 tokens. It has also announced plans to develop its own built-in exchange.

Bread Pros

A good wallet choice for both beginners and advanced traders, Bread has a simple interface. It is also easy to download from the App Store or Google Play. As an open-source wallet, the code is available to the public.

Bread Cons

Bread users have reported that the app (both Android and iOS) freezes and that connecting to the bitcoin network can be slow. Bread also does not offer 2-factor authentication, although it is PIN-protected.

Based out of London and launched in 2014, Coinomi is a Hierarachical Deterministic (HD) wallet that allows generation of public/private keys that can not be guessed and do not require complex backups. Coinomi recently announced on its website a new desktop version of Coinomi and support for Windows, Mac and Linux.

Coinomi Pros

Simple and easy to use, Coinomi offers a high level of privacy and security for cross-chain payments. For extra safety, private keys are stored only on your personal device.

Coinomi Cons

Only part of Coinomi’s code is publicly available, and buying cryptocurrencies directly with fiat is not possible using the app.

A relatively new wallet launched in 2017, Enjin was developed with an eye towards the gaming industry. It now supports over 300,000 gaming communities. Recently Enjin announced support for ERC-721 and ERC-1155 as further support of the gaming industry’s move toward mass adoption of cryptocurrency.

Enjin Pros

As a quick and easy crypto wallet on the market, Enjin has a reputation for top-of-the-line security architecture, with security techniques like the Enjin Secure Keyboard and the rule of two encryption. In the event your device is lost or stolen, you can restore it with a 12-word passphrase.

Enjin Cons

As a closed-source app, Enjin doesn’t allow users to see the source code, so you can’t verify the security yourself.